Bitcoin [BTC] mining is a much discussed topic. While energy consumption has been a concern for many, the evolution of the industry has opened doors to sustainable methods of actively mining it. Despite this, several continue to take a jab at the mining industry. Binance CEO Changpeng Zhao decided to champion the crypto mining industry and point out the shortcomings of centralized systems.
CZ noted that no other trillion dollar asset was as efficient as Bitcoin. He asked how BTC’s energy consumption became increasingly transparent. Unlike banks, the world can see the amount of electricity required to mine a Bitcoin.
He continued with to add,
“Any trillion dollar asset requires far more energy than Bitcoin’s mining power to support it. I strongly believe that Bitcoin mining is much more efficient than any other modes used to manage any other type of assets.
Bitcoin Now Healthier Than During Its All-Time High?
In addition to his previously seen comments about BTC mining, CZ talked about the price of the king coin. In a recent interview with CNBC, the Binance chief spoke about the ongoing crypto winter and how it will benefit the ecosystem as a whole.
Bitcoin and other cryptocurrencies have come to the fore in recent months. The huge spike in the market lured a range of people to crypto. Unfortunately, this also included people who did not believe in crypto. However, with the recent decline, this tourists were seen saying goodbye, leading to a massive sell-out.
CZ added,
“The crypto market should only attract believers. It should only attract the people who do it for the technology, who understand how to use it. I think a correction is actually healthier.”
He further suggested that the market is now much healthier compared to last November when bitcoin was at its peak. Amid this, Bitcoin got a reprieve after its recent rally. The asset rose to a high of $24,294.7 and is currently trading at $23,703.
Bitcoin’s sudden rally brought huge attention to it. Therefore, the royal mint managed to thrive in terms of social activity.
As can be seen from the chart above, BTC ruled with 76.3K social mentions in the social media world. Ethereum [ETH] seemed to be second only to BTC, even on the list of social activities.